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Strategies & Market Trends : What Works on Wall Street (O'Shaugnessy)
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To: Boyd Hinds who wrote (96)4/5/1999 2:00:00 PM
From: The Irb   of 109
 
Thanks for the advice, Boyd. I just bought a few $K worth of OSCGX. As you said, I will save on commissions. (This will be true until compounding and additional investments grows the amount to be invested yearly greater than N, where N is a number I haven't bothered to calculate yet.)

I still have the gut feeling that there has to be at least one better investment strategy than Cornerstone Growth. O'S writes in WWoWS that it's better from a risk-adjusted standpoint to diversify and split one's investment between, say, the Corn. Growth and Corn. Value strategies. I would add, based on other studies I've read (e.g. Siegel's Stocks for the Long Run) that one should have some fraction invested in International equities. Siegel says from 20-30% should be in non-US stocks. And of course, Ben Graham advocated having at least 20% invested in bonds; he saw first-hand what happened in 1929 and the early 1930s.

My instinct is to blend these strategies, adding in a few of my own stock picks devoting 5% or less of my funds to my own picks but basing them on O'Shaughnessy's results.

For taxable accounts, I'm 99% certain there are better strategies than Cornerstone Growth because of the automatic takings of taxable gains every year. The complicating factor for taxable accounts is IMHO: "When will I need the money?" Am I investing for a vacation home downpayment or for my child's college tuition? Both? Neither? (My emergency money is not invested in stocks at all, of course.)

Thanks, everybody who contributed to this discussion. It's been interesting....

-Joel
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